Purchase Orders

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Purchase Orders

• Student Activities Office

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What is a purchase order?

• It is proof of MITs commitment to pay an outside
  vendor
• A PO does not
• Authorize checks. Separate vouchers are required
  for checks.
• The final and all invoices need to be
  signed/approved by a signatory.

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When do you use a purchase order?

• Purchase of any capital goods
• Purchases over 500
• Purchases that go over a length of time where
  deposits are needed
• Recurring orders with the same company

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Types of Purchase Orders

• There are 2 types of Purchase Orders
• Standard one time use for a specific event,
  program or purchase
• Blanket used repetitively during the academic
  year

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What does SAO Need?
This all goes on the SAO Voucher

• Name of company
• Address of company
• Federal ID of company
• Phone
• Fax
• Selection of Source over 5k
• Description of Event (Amount people /food/
  entertainment/event timing)
• Itemized Quote

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Selection of Source
Can be found at http//vpf.mit.edu/index.php/site
/procurement/forms_and_templates
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What do you do after event?

• Get Final Invoice
• Initial the invoice
• Complete a voucher
• This tells us to pay on the Purchase order
• IF YOU DO NOT OK THE INVOICE/SUBMIT IT TO US WE
  WILL NOT PAY IT

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Questions???